2026 Internship Completion Ceremony: A Journey of Questions, Learning, and Growth

This summer, SIIFIC welcomed four high school and university students for an approximately two-month internship program. They were joined by a university student who had participated in the program since last year. Together, they gained first-hand exposure to impact investing through startup and prospective investee research, participation in conferences, and discussions around investment decisions—while deepening their learning from their own individual perspectives.

In late September, each intern had made a final presentation on what they had learned and thought about during the internship, bringing their reflections together in a set of slides.

What had they learned? And how would they choose to express and communicate it?

The SIIFIC team had been looking forward to their presentations. What we saw went far beyond what we had expected. After each presentation, lively discussions took place around the themes the interns had explored. Questions they had developed through their own research led to even more questions, creating a valuable space for further reflection and dialogue.

1. “An Interesting Company” Is Not Necessarily “An Investable Company”

One intern came to realize that a company that looks “interesting” or “promising” is not necessarily a company that SIIFIC can invest in. After conducting a large volume of company research every week, the intern learned that simply collecting information does not lead to an investment decision. To understand a company more deeply, it is important to formulate the right questions—questions that help uncover what lies at the foundation of the company’s strategy. This was a key insight that emerged through repeated research, and the intern presented it in their own words.

2. The Opportunities That Come from “Starting the Conversation”

One intern who attended several conferences went beyond simply counting the number of business cards exchanged. She analyzed the number of people she approached herself, the number of people who approached her, and the percentage of encounters that developed into conversations. The analysis highlighted the value of taking the initiative to speak to people and how doing so can lead to new encounters and opportunities.

The intern also shared another interesting observation: during presentations and panel discussions, speakers who appeared confident and comfortable speaking made it easier for participants to feel more approachable asking questions.

3. What Creates an Environment Where Innovation Can Flourish in Japan?

Another intern explored the environment surrounding Japanese startups and identified two challenges: a lack of funding that comes without excessive conditions or constraints, and industry cultures that remain tied to conventional ways of thinking. The intern compared data on the size of university endowments and research funding in Japan and the United States, the number of Nobel Prize winners, university spinouts and startups, and other indicators. The presentation raised important questions about the differences between Japan and the United States in creating an environment where innovation can emerge and grow.

The interns also brought diverse educational and cultural experiences to the discussion. Some had studied abroad, while others had attended international schools in Japan or had international roots. These different backgrounds helped broaden and deepen the discussion beyond the startup ecosystem itself—to questions around what kind of environment enables innovation to emerge, and the range of experiences available to students in Japan.

4. Expanding the Lens from “Technology” to “Customers” and “Revenue”

One intern was initially fascinated by the technologies developed by startups. Over time, however, his questions evolved from:

“How does this technology work?”

to:

“Who will actually buy it?”

“How will it generate revenue?”

His perspective gradually expanded from the technology itself to the customers and business model surrounding it. The intern also reflected on how questions they could not answer during the final presentation became an opportunity to conduct further research and improve the quality of his analysis.

5. From “What I Want to Say” to “What the Other Person Can Understand”

Some interns identified communication as one of their most important areas of learning.

At the beginning, they focused primarily on putting their own thoughts into words. Over time, they began to think more carefully about how their message would be received by others, and how to structure their writing and slides accordingly. One of them transformed text-heavy slides into more accessible visual presentations, for example by turning numbers into charts and graphs. Looking at the before-and-after versions of their presentation materials, it was remarkable to see how much they had changed in just two months.

Learning to Formulate Meaningful Questions Through Impact Investing

Impact investing does not mean investing in any company simply because it is doing something good for society.

As with conventional venture capital, financial returns are also required. When making an investment decision, it is necessary to examine not only the company itself, but also the industry in which it operates, the broader social environment, relevant regulations, and many other factors.

And even when all the conditions appear to be in place, the answer may still be: “The timing is not right.”

Through repeated company research, the interns gradually discovered for themselves just how complex investment decisions can be. Each developed their own observations and perspectives along the way.

What particularly impressed the SIIFIC team about their final presentations was not simply what they had been taught, but what questions they had developed themselves and what they had come to think through those questions.

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That was exactly what we most wanted the interns to experience through this program.

At SIIFIC, we see impact investing not simply as an investment approach, but also as an entry point for thinking about social challenges and the kind of future we want to create.

Throughout the internship, we therefore placed importance not only on learning about investment, but also on giving the interns opportunities to formulate their own questions and think about society from multiple perspectives.

The interns ranged from high school students to university seniors, and they came from different schools and cultural backgrounds. Yet from the very beginning, they were able to engage in discussions with one another on an equal footing, regardless of age or position.

Differences in age, educational experience, and cultural background did not divide the discussion. Instead, they brought new perspectives into the room.

What do I see, what do I think, and how can I communicate it—in a way that only I can?

By repeatedly asking themselves these questions, the interns continued to build new knowledge and experiences throughout the program.

And we learned a great deal from them. The internship gave us an opportunity to see social issues from perspectives that may be less visible to those of us who have been working in the field for many years. We also gained insights into the values and concerns of younger generations, as well as potential new markets and opportunities that may emerge in the future.

From Wherever We Are, Finding Our Own Way to Shape Social Change

One thing the SIIFIC team shared after watching the presentations was a strong sense that every intern had grown remarkably during the program. We were surprised and delighted by their growth. At the same time, we felt a particular fondness for the slides they had created—one by one, with so much thought and effort.

We look forward to seeing how the questions and perspectives they developed during their internship period will shape their future paths. And we hope that, wherever those paths may take them, we will have the opportunity to meet them again someday in a different form, as they continue to contribute to social change in their own ways.

What Comes Next

During the internship, the interns visited an existing SIIFIC portfolio company, conducted interviews and research from their own perspectives, and prepared individual reports.

We will be publishing these reports on the SIIFIC blog in the coming weeks.

We hope you will enjoy discovering the portfolio company through the unique perspectives of the interns.

SIIFIC Is Hiring an Associate

SIIFIC is currently looking for Associates to join us in the field of impact investing.

If you are interested in contributing to social change through impact investing, please take a look at the position details here.

We look forward to hearing from you.